Morgan Stanley Rallies as Bank Avoids Three-Level Downgrade
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Morgan Stanley, owner of the world’s largest brokerage, rallied in extended trading as the bank was downgraded two levels by Moody’s Investors Service rather than the three-grade cut that the ratings firm said was possible.
The bank climbed 4.6 percent to $14.60 at 5:24 p.m. in New York.